Regulatory Alerts2019-12-15
Added · Updated
Circular dated December 12, 2019 regarding the Irregular Legal Persons Initiative (Creditworthiness Categories 9 and 10)
The Central Bank of Egypt's initiative applies to legal persons with doubtful or bad debts (creditworthiness categories 9 and 10) having a balance less than 10 million EGP as of September 30, 2019. Customers who pay cash 50% or more of the debt balance by June 30, 2020 are entitled to removal from negative lists, lifting of trading bans, dismissal of court cases, and release of guarantees. The debt forgiveness value is determined by the bank based on the customer's credit study.
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